Form 8-K

8-K — Elmet Group Co.

Accession: 0001213900-26-062434

Filed: 2026-05-29

Period: 2026-05-29

CIK: 0002101698

SIC: 3490 (MISCELLANEOUS FABRICATED METAL PRODUCTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ea0292205-8k_elmet.htm (Primary)

EX-99.1 — PRESS RELEASE, DATED MAY 29, 2026 (ea029220501ex99-1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — CURRENT REPORT

8-K (Primary)

Filename: ea0292205-8k_elmet.htm · Sequence: 1

false

0002101698

2026-05-29

iso4217:USD

xbrli:shares

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

May 29, 2026

The Elmet Group Co.

(Exact name of registrant as specified in its charter)

Delaware

001-43245

33-1881598

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

2 Portland Fish Pier, Suite 214

Portland, Maine 04101

(Address of principal executive offices, including

zip code)

Registrant’s telephone number, including

area code: (207) 518-6791

Not Applicable

(Former name or former address,

if changed since last report)

Check the appropriate box

below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following

provisions:

☐ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b)

of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

ELMT

The Nasdaq Stock Market LLC

Indicate by check mark whether

the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule

12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company,

indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial

accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 29, 2026, The Elmet

Group Co., a Delaware corporation (the “Company”), issued a press release announcing the Company’s financial results

for the quarterly period ended on April 3, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form

8-K.

The information in this Item

2.02 and Exhibit 99.1 are furnished herewith and shall not be deemed “filed” for purposes of Section 18 of the Securities

Act of 1934, as amended (the “Exchange Act”) The information in this Item 2.02 and Exhibit 99.1 shall not be incorporated

by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by

specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are

being filed herewith:

Exhibit No.

Description

99.1

Press Release, dated May 29, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements

of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto

duly authorized.

Dated: May 29, 2026

The Elmet Group Co.

By:

/s/ Peter V. Anania

Name:

Peter V. Anania

Title:

Chief Executive Officer and Chairman

EX-99.1 — PRESS RELEASE, DATED MAY 29, 2026

EX-99.1

Filename: ea029220501ex99-1.htm · Sequence: 2

Exhibit 99.1

The Elmet Group Co. Reports First Quarter 2026

Results

Demand accelerating in Aerospace, Defense

& Government markets

Successfully completed an upsized IPO, raising

$125.5 million in net proceeds in Q2

Revenue increased nearly 21%, with over 250

basis points of gross profit margin expansion driving adjusted EBITDA increase of 106%

Backlog increased by nearly 52% to record

level of $113 million

PORTLAND, Maine – May 29, 2026 –

The Elmet Group Co. (“Elmet,” the “Company,” “we,” or “our”) (NASDAQ:ELMT),

a U.S.-based provider of precision-engineered components and advanced high-power systems, today reported financial results for its fiscal

first quarter ended April 3, 2026.

First Quarter Fiscal Year 2026 Highlights

● Revenue increased 20.7% to approximately $56.0

million compared to approximately $46.4 million in Q1 2025.

● Revenue from our Critical Materials & Components

(“CMC”) division increased approximately $9.1 million compared to Q1 2025 primarily from growth within the Aerospace, Defense

& Government (“ADG”) end market.

● Gross profit margin improved 260 basis points

to 21.2% of revenue compared to 18.6% of revenue Q1 2025.

● Net income (loss) for Q1 2026 was $(0.3) million,

or $(0.02) per share, compared to $1.2 million, or $0.06 per share, in Q1 2025. Adjusted net income (loss) for Q1 2026 was $4.7 million,

or $0.24 per share, compared to $1.9 million, or $0.10 per share, in Q1 2025.

● Adjusted EBITDA increased to approximately $9.2

million, or 16.4% of revenue, compared to approximately $4.5 million, or 9.6% of revenue, in Q1 2025.

● Open order backlog increased to approximately

$113.3 million, up from approximately $96.3 million at the end of Q4 2025 and approximately $74.7 million at the end of Q1 2025.

● Recorded approximately $3.7 million in income

related to a change in fair value and mark to market of the Company’s strategic investment in tungsten mining company EQ Resources

Limited.

Trailing Twelve Months Highlights

● Revenue increased 4.8% to approximately $211.2

million compared to 2025 fiscal year results of approximately $201.6 million.

● Gross profit margin improved 60 basis points

to 20.9% of revenue compared to 20.3% for the 2025 fiscal year.

● Net income (loss) decreased to

approximately $4.0 million, or $0.20 per share, compared to $5.5 million, or $0.28 per share, for the 2025 fiscal year. Adjusted net

income (loss) increased to approximately $16.2 million, or $0.81 per share, compared to $13.4 million, or $0.67 per share, for the

2025 fiscal year.

● Adjusted EBITDA increased approximately $5.2

million to $28.6 million, or 13.5% of revenue, compared to approximately $23.4 million, or 11.6% of revenue, for the 2025 fiscal year.

Management Commentary

“Today, we view the environment in which

we operate as highly favorable and supported by strong demand for critical materials and engineered high-power systems, increasing defense

spending, and ongoing supply chain realignment,” said Company CEO Peter V. Anania. “Following our successful public listing

in April, we believe we are well-positioned to effectively meet this demand and expand our role as a trusted supplier across mission-critical

systems.

“Our recent performance demonstrates the

resilience and diversification of our operating model and our competitive strategic positioning within key growth markets, most notably

ADG. We have built significant momentum, supported by our record backlog and newly fortified balance sheet, which we believe will allow

us to make opportunistic investments to further support our long-term competitive positioning.”

Subsequent Events

Subsequent to the end of Q1 2026, we completed

a successful upsized IPO of an aggregate of approximately 9.9 million shares of our common stock, including the full exercise by the underwriters

of their overallotment option to purchase approximately 1.3 million additional shares, at a public offering price of $14.00 per share.

The aggregate net proceeds from the offering were approximately $125.5 million after deducting underwriting discounts and commissions

and other offering expenses payable by Elmet. We subsequently retired $17.8 million in term debt and paid $8.3 million transaction

related stock appreciation rights costs, resulting in net $99.4 million cash on hand from the proceeds. We intend to use the net cash

we received from this offering, as well as our pre-existing cash, for growth capital, working capital, and general corporate purposes.

Conference Call

The Elmet Group Co. management will host a conference

call today, Friday, May 29, 2026, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results, followed by a question-and-answer

period.

Toll-Free Number: 877-869-3847

International Number: +1 201-689-8261

Webcast: Register and Join

Please call the conference telephone number 5-10

minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the

conference call, please contact Gateway Group at 949-574-3860.

The conference call will be broadcast simultaneously

and available for webcast replay here.

About The Elmet Group

The Elmet Group is a U.S.-based provider of precision-engineered

components and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics,

and Energy industries. The Company operates through two divisions, Critical Materials Components (CMC) and Engineered Microwave Products

(EMP), leveraging materials science and precision engineering expertise to deliver high-performance solutions. The Elmet Group is dedicated

to strengthening domestic manufacturing capabilities to support the U.S. and its allies’ needs in both critical materials and advanced

high-power microwave systems.

Reorganization and Presentation of Financial Results

On January 2, 2026, the Company effected a

reorganization (the “Reorganization”) whereby Anania & Associates and its noncontrolling interest holders contributed

their ownership interests in Anania & Associates and its consolidated subsidiaries in exchange for shares of common stock in the Company.

The Reorganization was a reorganization of entities under common control as Anania & Associates and the Company were controlled by

the Company’s Chief Executive Officer (“CEO”) before and after the Reorganization. As a result, the Reorganization was

accounted for in a manner similar to a pooling of interests with the assets and liabilities of Anania & Associates and its consolidated

subsidiaries being carried over at their historical amounts. The historical consolidated financial statements of Anania & Associates

were retrospectively recast to reflect the results as if the Company owned Anania & Associates and its consolidated subsidiaries as

of January 1, 2025. In connection with the Reorganization, Anania & Associates Investment Company LLC, an immaterial subsidiary of

Anania & Associates, was no longer controlled by the Company and was deconsolidated on January 2, 2026. The deconsolidation was recognized

as a spinoff and the impact of $0.5 million was recognized within equity. In connection with the Reorganization, the Company’s tax

status changed from an S-corporation to a C-corporation.

Non-GAAP Financial Measures

In evaluating its business, the Company uses

or may use certain non-GAAP measures as supplemental measures to review and assess its operating and financial performance. These measures

are commonly used in the manufacturing industry to provide stockholders and potential investors with additional information that excludes

unusual or non-recurring items as well as non-cash items that are unrelated to or may not be indicative of the Company’s ongoing

operating results. These measures may not be comparable to similar measures presented by other companies and should not be viewed as a

substitute for measures reported under U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools when assessing

the Company’s operating and financial performances, and investors should not consider them in isolation, or as a substitute for

any consolidated statement of operations data prepared in accordance with U.S. GAAP. The reconciliations to EBITDA, Adjusted EBITDA, Adjusted

Net Income, and Adjusted Earnings Per Share from relevant GAAP metrics are included at the end of this press release. Backlog as reported

is confirmed orders from customers for which revenue has not been recognized.

Forward Looking Statements

The information in this press release includes

forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of

1995. These statements generally relate to future events or our future financial or operating performance and include statements regarding

Elmet’s intended use of proceeds from the IPO, Elmet’s ability to: (i) effectively meet demand for its products, (ii) benefit

from defense spending levels in the United States and other countries in which it does business, (iii) successfully pursue its ongoing

supply chain realignment, (iv) expand its role as a supplier across its end markets, (v) successfully make opportunistic investments,

if any, that will support its competitive positioning, and (vi) effectively use the net proceeds received from its IPO to its benefit

in the manner currently contemplated, in a different manner, or at all. When used in this press release, words such as “expect,”

“project,” “estimate,” “believe,” “anticipate,” “intend,” “plan,”

“seek,” “forecast,” “target,” “predict,” “may,” “should,” “would,”

“could,” and “will,” the negative of these terms and similar expressions are intended to identify forward-looking

statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management’s

current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult

to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. When considering

these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Elmet’s Registration

Statement on Form S-1, as amended (File No. 333-294725) and subsequent filings Elmet makes with the Securities and Exchange Commission.

Elmet undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring

after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the

date of this press release.

Company Contact

Chris Chandler

contact@theelmetgroup.com

Investor Contact

Tom Colton and Greg Bradbury

Gateway Group, Inc.

ELMT@gateway-grp.com

949-574-3860

-Financial tables to follow-

THE ELMET GROUP CO.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share data)

April

2026

December 31,

2025

Assets

Current Assets:

Cash

$ 1,825

$ 1,759

Marketable securities

838

202

Accounts receivable, net

29,127

28,904

Government grant receivables

—

1,690

Related party receivables

178

426

Unbilled revenue

3,610

2,621

Inventories, net

75,032

69,697

Income tax receivable

—

Derivative asset

3,095

—

Prepaid expenses and other current assets

6,462

4,774

Total current assets

120,241

110,073

Property, plant and equipment, net

44,185

42,342

Operating lease right-of-use assets

10,448

10,586

Intangible assets, net

6,870

7,184

Goodwill

4,547

4,583

Deferred tax assets, net

—

Other assets

872

878

Total assets

$ 187,247

$ 175,646

Liabilities and Stockholders’ Equity

Current Liabilities:

Accounts payable

$ 17,679

$ 16,165

Accrued expenses and other current liabilities

13,765

13,659

Operating lease liabilities, current portion

898

875

Current portion of long-term debt – related party

2,396

2,319

Current portion of long-term debt

6,229

7,755

Deferred government grants

4,166

4,672

Deferred revenue

23,494

14,853

Total current liabilities

68,627

60,298

Operating lease liabilities, net of current portion

10,022

10,247

Long-term debt, net of current portion

26,768

28,455

Long-term debt, net of current portion – related party

15,000

Deferred tax liabilities, net

4,820

—

Other liabilities

1,000

1,189

Total liabilities

126,237

115,189

Commitments and Contingencies (Note 18)

Stockholders’ Equity:

Preferred Stock - $0.001 par value; 20,000,000 shares authorized, no shares issued and outstanding as of April 3, 2026 and December 31, 2025

—

Class A Common Stock – $0.001 par value; 500,000,000 shares authorized, 20,122,721 shares issued and outstanding as of April 3, 2026 and December 31, 2025

Class B Common Stock – $0.001 par value; 40,000,000 shares authorized, 466 shares issued and outstanding as of April 3, 2026 and December 31, 2025

—

Additional paid-in capital

16,011

15,366

Retained earnings

44,995

44,791

Accumulated other comprehensive (loss) income

(16 )

280

Total stockholders’ equity

61,010

60,457

Total liabilities and stockholders’ equity

$ 187,247

$ 175,646

The accompanying notes are integral to the unaudited

consolidated financial statements.

THE ELMET GROUP CO.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except share and per share

data)

Three Months Ended

April 3,

2026

March 31,

2025

Revenue

$ 56,007

$ 46,387

Cost of goods sold

44,159

37,776

Gross profit

11,848

8,611

Operating expenses:

General and administrative

7,068

3,259

Research and development

850

811

Sales and marketing

2,067

1,683

Total operating expenses

9,985

5,753

Operating income

1,863

2,858

Other (income) expense, net:

Interest expense

613

510

Interest expense – related party

627

416

Change in fair value of derivative asset

(3,095 )

—

Other (income) expense, net

(654 )

Total other (income) expense, net

(2,509 )

1,005

Income from continuing operations before taxes

4,372

1,853

Income tax provision

4,710

—

(Loss) income from continuing operations

(338 )

1,853

Loss from discontinued operations

—

(656 )

Net (loss) income

$ (338 )

$ 1,197

Net (loss) income per share:

Basic

$ (0.02 )

$ 0.06

Diluted

$ (0.02 )

$ 0.06

Weighted average shares outstanding

Basic

20,123,187

Diluted

20,123,187

The accompanying notes are integral to the unaudited

consolidated financial statements.

THE ELMET GROUP CO.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

Three

Months Ended

April

2026

March

31,

2025

Cash flows from operating activities:

Net (loss) income

$ (338 )

$ 1,197

Loss from discontinued operations

—

(656 )

(Loss) income from continuing operations

(338 )

1,853

Adjustments to reconcile

(loss) income from continuing operations to net cash provided by operating activities:

Deferred income taxes

4,736

—

Change in fair value of derivative asset

(3,095 )

—

Depreciation and amortization

1,923

1,604

Stock-based compensation

645

—

Noncash operating lease expense

138

217

Noncash interest expense

Provision for excess and obsolete inventories

395

Change in fair value of interest rate collars

(34 )

(56 )

Unrealized gain on marketable securities

(636 )

—

Changes in operating assets and liabilities:

Accounts receivable

(229 )

7,537

Unbilled revenue

(989 )

(1,051 )

Inventories

(5,387 )

(6,405 )

Related party receivables

171

(3 )

Income tax receivable

(74 )

—

Prepaid expenses and other current assets

(1,202 )

(272 )

Other assets

(4 )

Accounts payable

2,492

291

Accrued expenses and other current liabilities

392

(203 )

Operating lease liabilities

(202 )

(188 )

Deferred revenue

8,645

4,520

Other liabilities

(73 )

(20 )

Net cash provided by operating activities from continuing operations

6,921

8,233

Net cash used in operating activities from discontinued

operations

—

(2,928 )

Net cash provided by operating activities

6,921

5,305

Cash flows from investing activities:

Purchases

of property, plant and equipment, net of grant proceeds (see Note 7 – Government Grants)

(2,337 )

(2,733 )

Net cash used in investing activities from continuing operations

(2,337 )

(2,733 )

Net cash used in investing activities from discontinued

operations

—

(24 )

Net cash used in investing activities

(2,337 )

(2,757 )

Cash flows from financing activities:

Payments of principal on revolving credit facility

(1,810 )

(2,048 )

Proceeds from revolving credit facility

164

400

Payments of principal on long-term debt

(1,074 )

(2,966 )

Payments of principal on long-term debt – related party

(1,519 )

—

Cash distributions paid to stockholders

—

(1,789 )

Payments of deferred consideration

(73 )

—

Net payments of principal on revolving credit facility – related

party

(150 )

(32 )

Payments of principal on finance leases

(11 )

(13 )

Net cash used in financing activities from continuing operations

(4,473 )

(6,448 )

Net cash provided by financing activities from

discontinued operations

—

Net cash used in financing activities

(4,473 )

(6,420 )

Effects of exchange rate changes on cash

(45 )

146

Net increase (decrease) in cash $

$ (3,726 )

Cash at beginning of period

1,759

6,532

Cash at end of period $

1,825

$ 2,806

Reconciliation of cash at beginning of period:

Cash at beginning of period – continuing operations

$ 1,759

$ 3,608

Cash at beginning of period – discontinued

operations

—

2,924

Cash at beginning of period

$ 1,759

$ 6,532

Reconciliation of cash at end of period:

Cash at end of period – continuing operations

$ 1,825

$ 2,806

Cash at end of period – discontinued operations

—

Cash at end of period

$ 1,825

$ 2,806

Supplemental non-cash investing and financing activities:

Purchases of property, plant and equipment included in accounts payable

and accrued expenses

$ 1,081

$ 52

Deferred offering costs included in accounts payable and accrued expenses

$ 1,346

$ —

Supplemental disclosure of cash flow information:

Cash paid for interest

$ 1,085

$ 930

The accompanying notes are integral to the unaudited

consolidated financial statements.

Non-GAAP Financial Measures:

The following tables display certain non-GAAP

financial measures we believe are helpful in assessing our performance and interpreting our financial results. We believe these non-GAAP

financial measures are important supplemental measures because they exclude unusual or non-recurring items as well as non-cash items that

are unrelated to or may not be indicative of our ongoing operating results. Further, when read in conjunction with our GAAP results, these

non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as a tool

to help make financial, operational and planning decisions. We may use non-GAAP financial metrics in certain management compensation plans,

debt covenants, internal budgetary decision making and other resource allocation decisions. Finally, these measures are often used by

analysts and other interested parties to evaluate companies in our industry by providing more comparable measures that are less affected

by factors such as capital structure.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP measurement.

We define Adjusted EBITDA as our net income plus interest expense, income taxes, depreciation and amortization, and, as applicable for

each period, stock-based compensation expense and non-cash gains and losses on the sale of assets. Adjusted EBITDA also excludes certain

non-recurring costs such as the costs associated with the IPO, certain acquisition and transaction costs, severance and restructuring

costs, and other non-recurring costs.

THE ELMET GROUP CO.

ADJUSTED EBITDA FROM CONTINUING OPERATIONS

(NON- GAAP, UNAUDITED)

(in thousands)

Quarters Ended

March 31,

2025

April 3,

2026

Year ended

December 31,

2025

TTM

April 3,

2026

Revenue

$ 46,387

$ 56,007

$ 201,636

$ 211,256

Gross profit

8,611

11,848

41,019

44,257

Gross profit margin %

18.6 %

21.2 %

20.3 %

20.9 %

Operating expenses

5,753

9,985

28,945

33,177

Net income (loss) from continuing operations

1,853

(338 )

7,940

5,749

Net income (loss) from continuing operations %

4.0 %

(0.6 )%

3.9 %

2.7 %

Adjustments to income (loss) from continuing operations:

Income tax benefit

4,710

(45 )

4,665

Interest expense(1)

926

1,240

4,410

4,724

Depreciation and amortization

1,604

1,923

6,048

6,367

Acquisition and transaction costs(2)

440

403

Stock-based compensation(3)

645

1,451

2,096

Corporate costs associated with the offering(4)

798

2,580

3,368

Other(5)

166

1,013

1,179

Adjusted EBITDA (6)

$ 4,460

$ 9,174

$ 23,387

$ 28,551

Adjusted EBITDA Margin

9.6 %

16.4 %

11.6 %

13.5 %

(1) Interest expense includes both third-party interest expense and related party interest expense.

(2) The adjustment for acquisition and transaction costs is to remove charges incurred in connection with

any transaction, including mergers, acquisitions, refinancing, amendment or modification to indebtedness, and dispositions, in each case,

regardless of whether consummated.

(3) Stock-based compensation includes expenses associated with restricted stock grants made in support of

our initial public offering and the Reorganization.

(4) Corporate costs associated with the initial public offering include third-party expenses related to enhancing

our accounting controls and procedures, incremental audit costs, recruitment of executive team and legal expenses.

(5) Others includes non-recurring costs associated with a utility failure at our CMC facility in Euclid, Ohio,

and other restructuring costs.

(6) Adjusted EBITDA excludes the financial impact of discontinued operations. On October 1, 2025 A&A distributed

its shares in Polymer Laboratories, LLC to the individual shareholders, which is unrelated to A&A continuing operations and The Elmet

Group Co.

Adjusted Net Income and Adjusted Net Income Per Share

Adjusted Net Income and Adjusted Net Income

Per Share are non-GAAP measurements. We define adjusted net income as net income less stock-based compensation and one-time non-recurring

costs such as tax impacts of the Reorganization, discontinued operations, the costs associated with the IPO, certain acquisition and transaction

costs, severance and restructuring costs, and other non-recurring costs and the income tax effect of such adjustments, as applicable.

THE ELMET GROUP CO.

RECONCILIATION OF ADJUSTED NET INCOME AND ADJUSTED

EARNINGS PER SHARE

(NON-GAAP, UNAUDITED)

(in thousands)

Quarters Ended

March 31,

2025

April 3,

2026

Year ended

December 31,

2025

TTM

April 3,

2026

Numerator:

Net income (loss)

$ 1,197

$ (338 )

$ 5,542

$ 4,007

Income (loss) from discontinued operations

656

2,398

1,742

One time tax expense associated with the Reorganization(1)

—

3,791

—

3,791

Corporate costs associated with the IPO(2)

798

2,580

3,368

Stock-based compensation(3)

—

645

1,451

2,096

Acquisition and transaction costs(4)

—

440

373

Other(5)

—

196

1,013

1,209

Tax effect of adjustments(6)

—

(344 )

—

(344 )

Adjusted net income

$ 1,930

$ 4,748

$ 13,424

$ 16,242

Denominator:

Weighted average shares outstanding – basic

20,123

Weighted average shares outstanding – diluted(7)

20,123

20,426

20,260

20,337

Adjusted net income per share:

Basic

$ 0.10

$ 0.24

$ 0.67

$ 0.81

Diluted(7)

$ 0.10

$ 0.23

$ 0.66

$ 0.80

Unadjusted net income per share:

Basic

$ 0.06

$ (0.02 )

$ 0.28

$ 0.20

Diluted (7)

$ 0.06

$ (0.02 )

$ 0.27

$ 0.20

(1) Reflects the impact of the deferred tax adjustment of $3.5 million, which was recognized in the period

of Reorganization and does not reflect ongoing income tax expense, and other discrete tax impacts of $0.3 million related to the Reorganization.

(2) Corporate costs associated with the initial public offering include third-party expenses related to enhancing

our accounting controls and procedures, incremental audit costs, recruitment of executive team and legal expenses.

(3) Stock-based compensation includes expenses associated with restricted stock grants made in support of

our initial public offering and the Reorganization.

(4) The adjustment for acquisition and transaction costs is to remove charges incurred in connection with

any transaction, including mergers, acquisitions, refinancing, amendment or modification to indebtedness, and dispositions, in each case,

regardless of whether consummated.

(5) Other includes restructuring and severance costs associated with a reorganization at our CMC division

and non-recurring costs associated with a utility failure at our CMC facility in Euclid, Ohio and other restructuring costs.

(6) The tax effect for the quarter ended April 3,

2026 represents our actual effective tax rate for the period of 21.0% when excluding the Reorganization impacts. There is no tax impact

prior to the quarter ended April 3, 2026, as we were treated as an S-corporation for tax purposes prior to the Reorganization.

(7) The potential impact on weighted average common stock outstanding (diluted) related to our restricted

stock was evaluated under the treasury stock method based on the weighted average unrecognized compensation costs for each period and

the estimated fair value of our common stock for each period.

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